How much financial aid can I get for college?

How to find out how much financial aid you can get for college

Besides your college acceptance letters, the next thing you might be antsy about receiving are your financial aid packages. Not all packages will be the same—all financial aid is unique to you and the amount you get is based on your financial situation and how much your school is able to provide. If you want to guess-timate how much your financial aid package may be, here are some tips.

How much is the average financial aid package?

Financial aid can vary depending on the type that you receive—grants, scholarships, and federal student loans have different average amounts.

In the 2022-23 academic year, College Board reported that full-time equivalent (FTE) undergraduate students received financial aid packages averaging $15,480 per student. That breaks down to $10,680 in grants, $3,860 in federal loans, $850 in education tax credits and deductions, and $90 in Federal Work-Study (FWS).^{footnote 1}

College Board also found that graduate students received financial aid packages with an average of $28,300 per FTE student in 2022-23. Of that amount, grants made up $10,320, federal loans made up $17,490, education tax credits and deductions made up $430, and $60 were in FWS.^{footnote 1}

How is financial aid calculated?

Financial aid takes a lot of things into account—how much your family can pay, financial need, whether you’re enrolled part-time or full-time, cost of attendance, your year in school, and more. Here’s how the FAFSA^® calculates your financial aid.

The FAFSA^® considers what the cost of attendance (COA) is at the schools you’ve applied to. Then, they will take your Student Aid Index (formerly known as the Expected Family Contribution) and subtract that from the COA to figure out what your financial need is. Your financial need indicates how much need-based aid you’re eligible for. Then the school will take your COA and subtract the financial aid you’ve been awarded to find out how much non-need based aid you’re eligible for.^{footnote 2}

Financial aid limits

Financial aid isn’t unlimited—there are maximum amounts you’re allowed to borrow depending on whether you’re an undergraduate or graduate student and whether you have subsidized or unsubsidized loans.

Undergraduate students can borrow between $5,500 and $12,500 each year in direct subsidized and direct unsubsidized loans combined. The amount will depend on the student’s dependency status and year in school.

Graduate and professional students can take out up to $20,500 in only direct unsubsidized loans each year.^{footnote 3}

How to estimate the amount of financial aid you’ll get

There are a few things you can look at to estimate the amount of aid you’ll get:

• The cost of school. Looking at the cost of school doesn’t mean just the sticker price—you should look at the net price. The net price is how much school costs after all of your financial aid, grants, and scholarships are considered.
• Income. Any income from you or your parents/guardians is considered when it comes to how much financial aid you’ll get. There aren’t income limits when it comes to the FAFSA^®, so you should apply no matter how much your family makes. It’s important to complete the FAFSA^® every year you’re in school to see what you’re eligible for.
• Online tools and calculators. The U.S. Department of Education has a Federal Student Aid Estimator designed to help students gauge how much they might get in financial aid. Schools also sometimes have their own tools on their financial aid websites that can help you figure out how much aid you’ll receive. Contact the financial aid office or visit their website to see if they offer an estimator tool.

How to maximize available aid

Want to up your chances of getting the most financial aid possible? Try these tips:

• File the FAFSA^® ASAP. Some financial aid is first-come, first-served. The sooner you apply, the better because more aid will be available.
• Apply for other scholarships. There are so many scholarships outside of your financial aid package! Use Scholarship Search by Sallie to find scholarships you qualify for by browsing categories that fit you and apply. 
• Work while in school. Part-time jobs can help out more than you think. To supplement any financial aid you receive, a job during the semester can help fill in any gaps or pay for unexpected costs.
• Negotiate your financial aid. You don’t have to settle for the financial aid your school offers you. There are ways for you to negotiate your financial aid if you want to ask for more.
• Look into local financial aid programs. The FAFSA^® isn’t the only program that offers financial aid. Your community, state, or other private organizations may have financial aid programs based on merit, need, or more. Do some research to find out if these programs are available to get the most financial aid.

Review each college’s financial aid package

Every school you’ve been accepted to will send you a financial aid document (either online, in the mail, or both) that lays out the total cost of attendance and how much aid you’ll receive. Now that you have some numbers to work with, here’s how to make sense of it all.

• Find out how much you’ll receive for each type of financial aid. This includes grants, scholarships, work-study, and federal student loans.
• Calculate your total cost of college. Take the cost of tuition and fees, housing, and meal plans and subtract your grants and scholarships. This can help determine how much you need to pay for college before loans.
• Research student loans. Whether you take out federal loans, private loans, or both, they come with different interest rates, payment schedules, terms, and sometimes perks like discounts for setting up autopay. The Department of Education’s Loan Simulator can help you figure out how much your monthly payments could be if you take out loans.
• Consider other college expenses. Things like food, travel, school supplies, and more aren’t always included in your financial aid package. Keep these in mind as you pick the right school for you.

Not all schools offer the same financial aid. Once you’ve received all your financial aid information, make sure you compare all your financial aid offers to find the best college for you.

How to pay for college if your financial aid doesn’t cover the cost of attendance

Sometimes, your financial aid offers may not be enough to cover the cost of school. If that’s the case, you have some options:

Continue looking for scholarships. You can always find scholarships so you can win money for college. With Scholarship Search by Sallie, get access to thousands of scholarships based on your background, major, state, and more. And, it’s completely free.

Appeal your financial aid offer. You can push back and ask for more money by appealing your financial aid offer with specific schools.

Consider taking out a private student loan.  If you’ve received all your grants, scholarships, and federal student loans and still need money,  private student loans can help.